i plan to file for bankruptcy because i’ll be starting nursing school next yr,and can’t keep up with my auto loan and credit cards payments.my question is can i still receive federal student aid even after filling for bankruptcy.thanks
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Yes, it will effect your federal financial aid. Personally, I think you should work in a job you can get right now to pay off your auto loan and credit cards, then focus on going back to school. You’re talking about getting out from under your debt just to go back into debt…and student loan debt will not go away with bankruptcy…just a thought.
Probably not.
A student loan is a loan just like any other – only student loans can’t be taken away by bankruptcy.
When you apply for a student loan – the lender looks at your financial history. With a bankruptcy it will be very difficult to get a loan.
If you file bankruptcy, make sure you can cash flow your future education expenses because odds are very good that you won’t qualify for a loan.
Or….check out Dave Ramsey. He is a financial adviser – like Suze Orman. He has a daily radio program and a show on Fox Business.
Read his books – The Total Money Makeover and Financial Peace. You can get yourself out of this mess with out filing bankruptcy.
Can’t afford your car loan? Sell the car. Then purchase a paid for beater of a car. It ain’t pretty but it runs.
If you owe more than the car is worth – you will have to come up with the balance. See if you can find a bank that will do a signature loan or see if you can borrow the money.
Credit Cards – call the credit card companies. See if you can work something out with them.
In the mean time – check out Dave Ramsey’s books and radio program. http://www.daveramsey.com